Angelo Gordon wants around $60M for Cerritos Corporate Center

Partnership bought the property for $42.4M in 2013, including the assumption of debt

TRD LOS ANGELES /
Jun.June 01, 2016 08:30 AM

The seven-building Cerritos Corporate Center is on the market.

The seller, investment firm Angelo, Gordon & Co., has tapped CBRE to shop the industrial park to potential buyers for up to $60 million, according to REAlert. The property, at 13810-13950 Cerritos Corporate Drive, totals 453,000 square feet and is nearly fully leased with 15 tenants.

Angelo Gordon bought the complex for $42.4 million, including the assumption of debt,  in 2013 in partnership with Crowsnest Properties. The complex was built in 1990.

CBRE is emphasizing the center’s “stability and upside potential,” according to REAlert. In the first year, the buyer’s annual yield would be 5.5 percent based off the $132 per square foot sale price.

A buyer could potentially raise the rents after leases expire, as rents are currently 6 percent below the market’s average asking rate. CBRE estimates that rent in the submarket will increase another 6.3 percent this year. Buildings could also be sold off individually. [REAlert] — Cathaleen Chen


Related Articles

arrow_forward_ios
AvalonBay CEO Timothy Naughton and the complex

Apartment giant AvalonBay expands its portfolio in Cerritos

Clutch of buildings near Cerritos shopping center trades for $89.5M

West Coast Capital buys Cerritos office tower for $24M

With foothold in SoCal, packaging firm expands in Cerritos

Angelo, Gordon & Co sells Cerritos Corporate Center for $62M

Crown Realty & Development CEO Robert Flaxman (Credit: Getty Images)

Singin’ the Varsity Blues: Developer Robert Flaxman sentenced in admissions scandal

1181 N. Hillcrest Road LLC President Bruce Makowsky and 1181 N. Hillcrest Road

Developer Bruce Makowsky asked associates to violate campaign ethics law, city officials say

William McMorrow, Todd Boehl, Sunset North building in Bellevue (Credit: Getty Images)

Kennedy Wilson receives $300M investment, announces new $1.5B target for West Coast fund

arrow_forward_ios